8dde56c16cb5627

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-22127

Columbia Funds Variable Series Trust II

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800)

345-6611

Date of fiscal year end:

Last Day of

December

Date of reporting period:

June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100

F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

CTIVP

– Victory Sycamore Established Value Fund

Class 1

Semi-Annual Shareholder Report | June 30, 2025

This semi-annual shareholder report contains important information about CTIVP

– Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 1	$ 41	0.82 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 439,939,432
Total number of portfolio holdings	74
Portfolio turnover for the reporting period	28%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.

Top Holdings

U.S. Foods Holding Corp.	2.4 %
Alliant Energy Corp.	2.4 %
Crown Holdings, Inc.	2.0 %
Quest Diagnostics, Inc.	1.9 %
Fidelity National Financial, Inc.	1.9 %
Performance Food Group, Inc.	1.9 %
Willis Towers Watson PLC	1.8 %
Genpact Ltd.	1.8 %
Expedia Group, Inc.	1.8 %
American Water Works Co., Inc.	1.8 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Equity Sector Allocation

Graphical Representation - Allocation 2 Chart

Availability of Additional Information

For additional information about the Fund, including its prospectus,

financial

information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Variable funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

CTIVP

– Victory Sycamore Established Value Fund | Class 1

SSR7038_01_12_D01_(08/25)

CTIVP

– Victory Sycamore Established Value Fund

Class 2

Semi-Annual Shareholder Report | June 30, 2025

This semi-annual shareholder report contains important information about CTIVP

– Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 2	$ 53	1.07 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 439,939,432
Total number of portfolio holdings	74
Portfolio turnover for the reporting period	28%

Graphical Representation of Fund

Holdings

Top Holdings

U.S. Foods Holding Corp.	2.4 %
Alliant Energy Corp.	2.4 %
Crown Holdings, Inc.	2.0 %
Quest Diagnostics, Inc.	1.9 %
Fidelity National Financial, Inc.	1.9 %
Performance Food Group, Inc.	1.9 %
Willis Towers Watson PLC	1.8 %
Genpact Ltd.	1.8 %
Expedia Group, Inc.	1.8 %
American Water Works Co., Inc.	1.8 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the

Fund

, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

CTIVP

– Victory Sycamore Established Value Fund | Class 2

SSR7038_02_12_D01_(08/25)

CTIVP

– Victory Sycamore Established Value Fund

Class 3

Semi-Annual Shareholder Report | June 30, 2025

This semi-annual shareholder report contains important information about CTIVP

– Victory Sycamore Established Value Fund (the Fund) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class 3	$ 46	0.94 % (a)

(a)	Annualized.

Key Fund Statistics

Fund net assets	$ 439,939,432
Total number of portfolio holdings	74
Portfolio turnover for the reporting period	28%

Graphical Representation of Fund

Holdings

Top Holdings

U.S. Foods Holding Corp.	2.4 %
Alliant Energy Corp.	2.4 %
Crown Holdings, Inc.	2.0 %
Quest Diagnostics, Inc.	1.9 %
Fidelity National Financial, Inc.	1.9 %
Performance Food Group, Inc.	1.9 %
Willis Towers Watson PLC	1.8 %
Genpact Ltd.	1.8 %
Expedia Group, Inc.	1.8 %
American Water Works Co., Inc.	1.8 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus,

financial

information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

CTIVP

– Victory Sycamore Established Value Fund | Class 3

SSR7038_03_12_D01_(08/25)

Portfolio of Investments

June 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 96.6%
Issuer	Shares	Value ($)
Consumer Discretionary 7.8%
Automobile Components 1.7%
Aptiv PLC(a)	42,100	2,872,062
BorgWarner, Inc.	143,800	4,814,424
Total		7,686,486
Hotels, Restaurants & Leisure 2.6%
Expedia Group, Inc.	46,200	7,793,016
Hilton Worldwide Holdings, Inc.	13,500	3,595,590
Total		11,388,606
Specialty Retail 2.8%
Bath & Body Works, Inc.	219,300	6,570,228
Penske Automotive Group, Inc.	17,400	2,989,494
Ross Stores, Inc.	20,800	2,653,664
Total		12,213,386
Textiles, Apparel & Luxury Goods 0.7%
Ralph Lauren Corp.	11,600	3,181,648
Total Consumer Discretionary		34,470,126
Consumer Staples 8.1%
Beverages 1.1%
Primo Brands Corp., Class A	159,300	4,718,466
Consumer Staples Distribution & Retail 7.0%
Casey’s General Stores, Inc.	8,800	4,490,376
Maplebear, Inc.(a)	161,400	7,301,736
Performance Food Group, Inc.(a)	93,500	8,178,445
U.S. Foods Holding Corp.(a)	140,200	10,796,802
Total		30,767,359
Total Consumer Staples		35,485,825
Energy 5.0%
Energy Equipment & Services 1.4%
Baker Hughes Co.	156,500	6,000,210
Oil, Gas & Consumable Fuels 3.6%
Chord Energy Corp.	52,900	5,123,365
Coterra Energy, Inc.	269,400	6,837,372
Devon Energy Corp.	129,500	4,119,395
Total		16,080,132
Total Energy		22,080,342

Common Stocks (continued)
Issuer	Shares	Value ($)
Financials 14.8%
Banks 3.6%
Huntington Bancshares, Inc.	417,900	7,004,004
Prosperity Bancshares, Inc.	31,200	2,191,488
Truist Financial Corp.	156,300	6,719,337
Total		15,914,829
Capital Markets 1.5%
Raymond James Financial, Inc.	42,600	6,533,562
Insurance 9.7%
American Financial Group, Inc.	44,400	5,603,724
Fidelity National Financial, Inc.	148,100	8,302,486
Hartford Insurance Group, Inc. (The)	60,700	7,701,009
Old Republic International Corp.	176,900	6,800,036
Principal Financial Group, Inc.	75,800	6,020,794
Willis Towers Watson PLC	26,200	8,030,300
Total		42,458,349
Total Financials		64,906,740
Health Care 5.9%
Health Care Equipment & Supplies 2.5%
Cooper Cos, Inc. (The)(a)	61,000	4,340,760
Hologic, Inc.(a)	100,000	6,516,000
Total		10,856,760
Health Care Providers & Services 3.4%
Labcorp Holdings, Inc.	24,900	6,536,499
Quest Diagnostics, Inc.	47,900	8,604,277
Total		15,140,776
Total Health Care		25,997,536
Industrials 18.2%
Aerospace & Defense 1.4%
Textron, Inc.	74,600	5,989,634
Building Products 1.0%
Carrier Global Corp.	60,700	4,442,633
Commercial Services & Supplies 0.8%
Republic Services, Inc.	14,800	3,649,828

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Electrical Equipment 2.2%
Hubbell, Inc.	13,300	5,431,853
Regal Rexnord Corp.	30,300	4,392,288
Total		9,824,141
Ground Transportation 3.4%
JB Hunt Transport Services, Inc.	32,300	4,638,280
Knight-Swift Transportation Holdings, Inc.	143,700	6,355,851
Landstar System, Inc.	29,800	4,142,796
Total		15,136,927
Machinery 5.4%
AGCO Corp.	53,800	5,550,008
Lincoln Electric Holdings, Inc.	32,300	6,696,436
Middleby Corp. (The)(a)	33,500	4,824,000
Xylem, Inc.	52,100	6,739,656
Total		23,810,100
Professional Services 4.0%
FTI Consulting, Inc.(a)	27,300	4,408,950
Genpact Ltd.	181,000	7,965,810
TransUnion	56,800	4,998,400
Total		17,373,160
Total Industrials		80,226,423
Information Technology 10.0%
Electronic Equipment, Instruments & Components 4.1%
Keysight Technologies, Inc.(a)	36,500	5,980,890
Trimble Navigation Ltd.(a)	96,700	7,347,266
Zebra Technologies Corp., Class A(a)	15,700	4,841,252
Total		18,169,408
IT Services 1.7%
Akamai Technologies, Inc.(a)	64,300	5,128,568
Globant SA(a)	27,800	2,525,352
Total		7,653,920
Semiconductors & Semiconductor Equipment 2.7%
Microchip Technology, Inc.	72,300	5,087,751
MKS, Inc.	65,800	6,537,888
Total		11,625,639

Common Stocks (continued)
Issuer	Shares	Value ($)
Software 1.5%
Check Point Software Technologies Ltd.(a)	28,900	6,394,125
Total Information Technology		43,843,092
Materials 13.8%
Chemicals 5.2%
Axalta Coating Systems Ltd.(a)	186,100	5,525,309
CF Industries Holdings, Inc.	70,800	6,513,600
RPM International, Inc.	50,400	5,535,936
Westlake Corp.	68,000	5,163,240
Total		22,738,085
Containers & Packaging 6.3%
AptarGroup, Inc.	41,100	6,429,273
Avery Dennison Corp.	22,300	3,912,981
Crown Holdings, Inc.	83,800	8,629,724
Graphic Packaging Holding Co.	203,000	4,277,210
Packaging Corp. of America	24,000	4,522,800
Total		27,771,988
Metals & Mining 2.3%
Franco-Nevada Corp.	34,500	5,655,240
Steel Dynamics, Inc.	34,800	4,454,748
Total		10,109,988
Total Materials		60,620,061
Real Estate 7.8%
Residential REITs 2.9%
Camden Property Trust	66,200	7,460,078
Equity LifeStyle Properties, Inc.	86,200	5,315,954
Total		12,776,032
Retail REITs 1.7%
NNN REIT, Inc.	170,900	7,379,462
Specialized REITs 3.2%
Lamar Advertising Co., Class A	60,400	7,330,144
SBA Communications Corp.	29,400	6,904,296
Total		14,234,440
Total Real Estate		34,389,934
Utilities 5.2%
Electric Utilities 2.4%
Alliant Energy Corp.	175,100	10,588,297

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

Common Stocks (continued)
Issuer	Shares	Value ($)
Multi-Utilities 1.0%
CMS Energy Corp.	62,800	4,350,784
Water Utilities 1.8%
American Water Works Co., Inc.	55,800	7,762,338
Total Utilities		22,701,419
Total Common Stocks (Cost $387,766,982)		424,721,498

Money Market Funds 3.4%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.473%(b),(c)	15,123,061	15,120,036
Total Money Market Funds (Cost $15,118,754)		15,120,036
Total Investments in Securities (Cost: $402,885,736)		439,841,534
Other Assets & Liabilities, Net		97,898
Net Assets		439,939,432

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	The rate shown is the seven-day current annualized yield at June 30, 2025.
(c)	Under Section 2(a)(3) of the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.473%
	14,713,275	48,520,451	(48,114,972 )	1,282	15,120,036	(208 )	304,300	15,123,061

Fair value measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

■

Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.

■

Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

■

Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category, if any, are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Portfolio of Investments (continued)

June 30, 2025 (Unaudited)

Fair value measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary	34,470,126	—	—	34,470,126
Consumer Staples	35,485,825	—	—	35,485,825
Energy	22,080,342	—	—	22,080,342
Financials	64,906,740	—	—	64,906,740
Health Care	25,997,536	—	—	25,997,536
Industrials	80,226,423	—	—	80,226,423
Information Technology	43,843,092	—	—	43,843,092
Materials	60,620,061	—	—	60,620,061
Real Estate	34,389,934	—	—	34,389,934
Utilities	22,701,419	—	—	22,701,419
Total Common Stocks	424,721,498	—	—	424,721,498
Money Market Funds	15,120,036	—	—	15,120,036
Total Investments in Securities	439,841,534	—	—	439,841,534

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Statement of Assets and Liabilities

June 30, 2025 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $387,766,982)	$424,721,498
Affiliated issuers (cost $15,118,754)	15,120,036
Receivable for:
Investments sold	801,522
Capital shares sold	19,051
Dividends	427,016
Foreign tax reclaims	6,026
Prepaid expenses	2,564
Total assets	441,097,713
Liabilities
Payable for:
Investments purchased	857,284
Capital shares redeemed	125,757
Management services fees	27,814
Distribution and/or service fees	2,538
Service fees	8,943
Compensation of chief compliance officer	42
Compensation of board members	1,853
Other expenses	27,495
Deferred compensation of board members	106,555
Total liabilities	1,158,281
Net assets applicable to outstanding capital stock	$439,939,432
Represented by
Trust capital	$439,939,432
Total - representing net assets applicable to outstanding capital stock	$439,939,432
Class 1
Net assets	$276,909,627
Shares outstanding	5,496,044
Net asset value per share	$50.38
Class 2
Net assets	$84,115,354
Shares outstanding	1,732,969
Net asset value per share	$48.54
Class 3
Net assets	$78,914,451
Shares outstanding	1,594,874
Net asset value per share	$49.48

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Statement of Operations

Six Months Ended June 30, 2025 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,146,284
Dividends — affiliated issuers	304,300
Interfund lending	3,187
Foreign taxes withheld	(5,233 )
Total income	4,448,538
Expenses:
Management services fees	1,681,124
Distribution and/or service fees
Class 2	104,371
Class 3	50,593
Service fees	54,217
Custodian fees	6,475
Printing and postage fees	9,527
Accounting services fees	15,837
Legal fees	10,118
Compensation of chief compliance officer	40
Compensation of board members	8,589
Deferred compensation of board members	(1,177 )
Other	6,017
Total expenses	1,945,731
Net investment income	2,502,807
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	10,525,373
Investments — affiliated issuers	(208 )
Net realized gain	10,525,165
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(16,592,483 )
Investments — affiliated issuers	1,282
Net change in unrealized appreciation (depreciation)	(16,591,201 )
Net realized and unrealized loss	(6,066,036 )
Net decrease in net assets resulting from operations	$(3,563,229 )

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Statement of Changes in Net Assets

	Six Months Ended June 30, 2025 (Unaudited)	Year Ended December 31, 2024
Operations
Net investment income	$2,502,807	$4,565,029
Net realized gain	10,525,165	52,355,565
Net change in unrealized appreciation (depreciation)	(16,591,201 )	(13,874,588 )
Net increase (decrease) in net assets resulting from operations	(3,563,229 )	43,046,006
Decrease in net assets from capital stock activity	(7,191,568 )	(60,452,300 )
Total decrease in net assets	(10,754,797 )	(17,406,294 )
Net assets at beginning of period	450,694,229	468,100,523
Net assets at end of period	$439,939,432	$450,694,229

	Six Months Ended		Year Ended
	June 30, 2025 (Unaudited)		December 31, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class 1
Shares sold	56,967	2,840,482	275,657	14,567,119
Shares redeemed	(62,012 )	(3,101,888 )	(1,310,400 )	(64,359,378 )
Net decrease	(5,045 )	(261,406 )	(1,034,743 )	(49,792,259 )
Class 2
Shares sold	66,181	3,186,107	104,035	4,948,446
Shares redeemed	(88,834 )	(4,298,634 )	(147,673 )	(7,077,571 )
Net decrease	(22,653 )	(1,112,527 )	(43,638 )	(2,129,125 )
Class 3
Shares sold	17,494	844,128	44,906	2,185,091
Shares redeemed	(135,839 )	(6,661,763 )	(219,769 )	(10,716,007 )
Net decrease	(118,345 )	(5,817,635 )	(174,863 )	(8,530,916 )
Total net decrease	(146,043 )	(7,191,568 )	(1,253,244 )	(60,452,300 )

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Financial Highlights

The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect any fees and expenses imposed under your Contract and/or Qualified Plan, as applicable; such fees and expenses would reduce the total returns for all periods shown. Total return and portfolio turnover are not annualized for periods of less than one year. The ratios of expenses and net investment income are annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations
Class 1
Six Months Ended 6/30/2025 (Unaudited)	$50.76	0.30	(0.68 )	(0.38 )
Year Ended 12/31/2024	$46.19	0.53	4.04	4.57
Year Ended 12/31/2023	$42.02	0.55	3.62	4.17
Year Ended 12/31/2022	$43.21	0.56	(1.75 )	(1.19 )
Year Ended 12/31/2021	$32.76	0.58 (c)	9.87	10.45
Year Ended 12/31/2020	$30.32	0.38	2.06	2.44
Class 2
Six Months Ended 6/30/2025 (Unaudited)	$48.97	0.23	(0.66 )	(0.43 )
Year Ended 12/31/2024	$44.67	0.39	3.91	4.30
Year Ended 12/31/2023	$40.73	0.44	3.50	3.94
Year Ended 12/31/2022	$41.99	0.45	(1.71 )	(1.26 )
Year Ended 12/31/2021	$31.92	0.50 (c)	9.57	10.07
Year Ended 12/31/2020	$29.61	0.31	2.00	2.31
Class 3
Six Months Ended 6/30/2025 (Unaudited)	$49.89	0.27	(0.68 )	(0.41 )
Year Ended 12/31/2024	$45.45	0.46	3.98	4.44
Year Ended 12/31/2023	$41.39	0.49	3.57	4.06
Year Ended 12/31/2022	$42.62	0.51	(1.74 )	(1.23 )
Year Ended 12/31/2021	$32.35	0.55 (c)	9.72	10.27
Year Ended 12/31/2020	$29.98	0.35	2.02	2.37

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Net investment income per share includes special dividends. The effect of these dividends amounted to $0.15 per share.

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class 1
Six Months Ended 6/30/2025 (Unaudited)	$50.38	(0.75% )	0.82%	0.82%	1.22%	28%	$276,910
Year Ended 12/31/2024	$50.76	9.90%	0.82%	0.82%	1.06%	36%	$279,263
Year Ended 12/31/2023	$46.19	9.92%	0.82%	0.82%	1.29%	29%	$301,914
Year Ended 12/31/2022	$42.02	(2.75% )	0.81%	0.81%	1.37%	30%	$318,668
Year Ended 12/31/2021	$43.21	31.90%	0.80%	0.80%	1.48%	24%	$403,832
Year Ended 12/31/2020	$32.76	8.05%	0.79%	0.79%	1.41%	41%	$583,965
Class 2
Six Months Ended 6/30/2025 (Unaudited)	$48.54	(0.88% )	1.07%	1.07%	0.97%	28%	$84,115
Year Ended 12/31/2024	$48.97	9.62%	1.07%	1.07%	0.81%	36%	$85,967
Year Ended 12/31/2023	$44.67	9.67%	1.07%	1.07%	1.05%	29%	$80,372
Year Ended 12/31/2022	$40.73	(3.00% )	1.06%	1.06%	1.13%	30%	$74,701
Year Ended 12/31/2021	$41.99	31.55%	1.05%	1.05%	1.28%	24%	$74,122
Year Ended 12/31/2020	$31.92	7.80%	1.04%	1.04%	1.16%	41%	$52,184
Class 3
Six Months Ended 6/30/2025 (Unaudited)	$49.48	(0.82% )	0.94%	0.94%	1.09%	28%	$78,914
Year Ended 12/31/2024	$49.89	9.77%	0.95%	0.95%	0.93%	36%	$85,465
Year Ended 12/31/2023	$45.45	9.81%	0.94%	0.94%	1.17%	29%	$85,814
Year Ended 12/31/2022	$41.39	(2.89% )	0.93%	0.93%	1.26%	30%	$84,045
Year Ended 12/31/2021	$42.62	31.75%	0.93%	0.93%	1.41%	24%	$87,819
Year Ended 12/31/2020	$32.35	7.91%	0.92%	0.92%	1.29%	41%	$62,589

The accompanying Notes to Financial Statements are an integral part of this statement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements

June 30, 2025 (Unaudited)

Note 1. Organization

CTIVP® – Victory Sycamore Established Value Fund (the Fund), a series of Columbia Funds Variable Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class 1, Class 2 and Class 3 shares to separate accounts funding variable annuity contracts and variable life insurance policies (collectively, Contracts) issued by affiliated and unaffiliated life insurance companies (Participating Insurance Companies) as well as qualified pension and retirement plans (Qualified Plans) and other qualified institutional investors (Qualified Investors) authorized by Columbia Management Investment Distributors, Inc. (the Distributor). You may not buy (nor will you own) shares of the Fund directly. You may invest by participating in a Qualified Plan or by buying a Contract and making allocations to the Fund. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own cost structure and other features.

Note 2. Summary of significant accounting policies

Basis of preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Segment reporting

The intent of ASU 2023-07, Segment Reporting is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.

Security valuation

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Determination of class net asset value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal income tax status

The Fund is treated as a partnership for federal income tax purposes, and the Fund does not expect to make regular distributions. The Fund will not be subject to federal income tax, and therefore, there is no provision for federal income taxes. The partners of the Fund are subject to tax on their distributive share of the Fund’s income and loss. The Fund’s net assets are reported at the partner-level for federal income tax purposes.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Foreign taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

Guarantees and indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent accounting pronouncements and regulatory updates

Accounting Standards Update 2023-09 Income Taxes (Topic 740)

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory agreement below) has the primary responsibility for the day-to-day portfolio

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

management of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended June 30, 2025 was 0.77% of the Fund’s average daily net assets.

Subadvisory agreement

The Investment Manager has entered into a Subadvisory Agreement with Victory Capital Management Inc. to serve as the subadviser to the Fund. The Investment Manager compensates the subadviser to manage the investment of the Fund’s assets.

Compensation of Board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.

Service fees

The Fund has entered into a Shareholder Services Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial. Under this agreement, the Fund pays a service fee equal to the payments made by the Transfer Agent to Participating Insurance Companies and other financial intermediaries (together, Participating Organizations) for services each such Participating Organization provides to its clients, customers and participants that are invested directly or indirectly in the Fund, up to a cap approved by the Board of Trustees from time to time. The annualized effective service fee rate for the six months ended June 30, 2025 was 0.02% of the Fund’s average daily net assets.

The Transfer Agent may retain as compensation for its services revenues from fees for wire, telephone and redemption orders, account transcripts due the Transfer Agent from Fund shareholders and interest (net of bank charges) earned with respect to balances in accounts the Transfer Agent maintains in connection with its services to the Fund.

Distribution and/or service fees

The Fund has an agreement with the Distributor, an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class 2 shares and an annual rate of up to 0.125% of the Fund’s average daily net assets attributable to Class 3 shares. The Fund pays no distribution and service fees for Class 1 shares.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	Contractual expense cap July 1, 2025 through April 30, 2026 (%)	Voluntary expense cap May 1, 2025 through June 30, 2025 (%)	Contractual expense cap prior to May 1, 2025 (%)
Class 1	0.88	0.86	0.86
Class 2	1.13	1.11	1.11
Class 3	1.005	0.985	0.985

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $120,313,022 and $125,228,638, respectively, for the six months ended June 30, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 5. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.

Note 6. Interfund lending

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.

The Fund’s activity in the Interfund Program during the six months ended June 30, 2025 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	5,875,000	4.89	4

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at June 30, 2025.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the six months ended June 30, 2025.

Note 8. Significant risks

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Shareholder concentration risk

At June 30, 2025, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid

CTIVP® – Victory Sycamore Established Value Fund | 2025

Notes to Financial Statements (continued)

June 30, 2025 (Unaudited)

positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Small- and mid-cap company risk

Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.

Note 9. Subsequent events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that include regulatory inquiries, arbitration and litigation (including class actions) concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Approval of Management and Subadvisory
Agreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to CTIVP® – Victory Sycamore Established Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between the Investment Manager and Victory Capital Management Inc. (the Subadviser), the Subadviser provides portfolio management and related services for the Fund.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreement (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

•

Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge as well as performance relative to one or more benchmarks;

•

Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•

Terms of the Advisory Agreements;

•

Subadvisory fees payable by the Investment Manager under the Subadvisory Agreement;

•

Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•

Descriptions of various services performed by the Investment Manager and the Subadviser under the Advisory Agreements, including portfolio management and portfolio trading practices;

•

Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

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Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

•

Information regarding the resources of the Investment Manager and the Subadviser, including information regarding senior management, portfolio managers and other personnel;

•

Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•

The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•

Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreement.

Nature, extent and quality of services provided by the Investment Manager and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadviser, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring the Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreement. The Board took into account the Investment Manager’s representation that the Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager’s subadvisory oversight team.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and the Subadvisory Agreement.

CTIVP® – Victory Sycamore Established Value Fund | 2025

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of the Subadviser and the Investment Manager’s process for monitoring the Subadviser’s performance. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser and management’s representations that the Investment Manager’s profitability is not the key factor driving their recommendation to select, renew or terminate the Subadviser.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s and Subadviser’s performance and reputation generally and the Investment Manager’s evaluation of the Subadviser’s contribution to the Fund’s investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadviser, in light of other considerations, supported the continuation of the Management Agreement and the Subadvisory Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing the Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and the Subadvisory Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreement was negotiated at arm’s length by the Investment Manager, which is responsible for payments to the Subadviser thereunder, the Board did not consider the profitability to the Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability

CTIVP® – Victory Sycamore Established Value Fund | 2025

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and the Subadvisory Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders. The Board also noted that the breakpoints in the Subadvisory Agreement did not occur at the same levels as the breakpoints in the Management Agreement. In this regard, the Board noted the potential challenges of seeking to tailor the Management Agreement breakpoints to those of a subadvisory agreement in this context.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and the Subadvisory Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

CTIVP® – Victory Sycamore Established Value Fund | 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Funds Variable Series Trust II

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 21, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	August 21, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	August 21, 2025

By (Signature and Title)	/s/ Charles H. Chiesa
	Charles H. Chiesa, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	August 21, 2025